NN, Inc., an industrial company based in Charlotte, missed estimates in the third quarter and will start a strategic review the company announced in a press release Thursday.

The company recorded net sales of $213.9 million, missing Bloomberg estimates of $216.4 million. Net sales were on par with the company’s preliminary third quarter numbers, which ranged from $213.5 million to $214.5 million.

Net sales for mobile solutions were $73.1 million, declining in the third quarter by 10.7 percent or $8.7 million compared to 2018 third quarter sales.

NN reported adjusted earnings per share of 27 cents, down from 30 cents in the prior year quarter and missing analyst estimates.

NN said the earnings decline was due to the recently concluded United Auto Workers strike paired with low demand in the North American automotive market.

“At the time, we are actively identifying opportunities to improve our overall financial performance and put the right cost structure in place,” said Warren Veltman, interim president and CEO of NN, Inc.

The company announced that they will retain J.P. Morgan to conduct a full strategic review to explore opportunities for NN to drive increased value for shareholders.

NN, Inc. is an industrial company that combines advanced engineering and production for a variety of markets including life sciences, mobile, and power.

Shares of NN, Inc. closed at $8.78 on Friday, up $1.09.